LBRY Files Appeal Against US SEC, OnChainMonkey NFT Collection Ditches Ethereum

Here are some of the major developments from the world of crypto over the past few days

LBRY Files Appeal Against US SEC

Blockchain-based file sharing and payment network LBRY is planning to pick up the fight against the United States Securities and Exchange Commission (SEC) after losing the battle in November last year.

On September 7, 2023, LBRY submitted a notice of appeal to the United States Court of Appeals for the First Circuit to challenge the final decision made on July 11, 2023 which required the company to pay a fine and also forbade it from ever again taking part in unregistered offerings of crypto asset securities.

“Defendant LBRY, Inc. now appeals to the United States Court of Appeals for the First Circuit this

Court’s final judgment entered on July 11, 2023,” LBRY said in the notice.

OnChainMonkey NFT Collection Ditches Ethereum

The team behind OnChainMonkey is transferring its entire collection of 10,000 non-fungible tokens (NFTs) from Ethereum to Bitcoin.

In a statement on September 7, 2023, Danny Yang, co-founder and CEO of Metagood said the move to the Bitcoin network is being done as it is a more secure platform for its users, among other reasons.

“A historical transition is on the horizon as we prepare to migrate our flagship collection, OCM Genesis from Ethereum to Bitcoin. The Bitcoin Ordinal protocol is better designed for decentralisation and security than the Ethereum NFT protocol. High-value NFTs will win on Bitcoin,” Yang said, adding that effort will likely take several months.

The OnChainMonkeys were initially released on Ethereum in September 2021,

Incidentally, 99 per cent of OnChainMonkey token owners voted in favour of moving to Bitcoin. According to Yang, this indicates that the community was firmly committed to switching to Bitcoin.

Infinex Will Reduce Friction In Defi, Says Synthetix Founder

Synthetix founder Kain Warwick has said that Infinex will help reduce friction in decentralised finance (DeFi) and close the usability gap between centralised and decentralised exchanges.

Synthetix is the newest project trying to reduce the usability gap between centralised and decentralised exchanges. Infinex is a decentralised perpetual futures exchange front-end that permits transactions on Optimism (OP), says Warwick, adding that it might attract more people to DeFi once it opens in Q4.

“From a trading perspective, DeFi is close to feature parity with CeFi. We’ve got the liquidity, we’ve got the markets, we’ve got the depth, and we’ve got the execution time. But we’re still missing a key component. Right now, you still need to go jump through the hoops of self-custody and all these other little things that add serious friction. For the everyday user that’s used to trading on a CEX this is a level of friction that makes it hard to use,” Cointelegraph quoted him as saying.

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